Where did your advisor leave you?

 

Great savings ideas to beat inflation

The Feds tell us that reducing inflation is harder than running it up so let’s get ready for the long haul. My grocer has not shown signs of reducing their markups in everything. My house-brand can of French cut beans went from 68 cents to 99 cents in one week this spring. As with drugs and other commodities, the middle persons are probably making the extra 31 cents. I don’t think the farmers or pickers got much of the increase. We save by using the house brand for all things. You could move to a cheaper town if you find a job. For car and home insurance, we save by raising our deductible since most risks have a low probability. Some of us save by going directly to the manufacturer to buy our coverage and our needs. Since this is not always the case, you must shop and buy only what you need. The largest potential savings comes from ending credit card debt fast: my card charges 29.99% (mob rates) if I don’t pay the monthly balance on time. One of the largest savings has come to folks who gave up on their broker/advisor and go directly to Vanguard. Vanguard is unique since the firm itself is owned by its own users. It is responsible for the largest savings for many of my readers—saving 1-2% of a portfolio over time is hard to beat. Avoid $10,000 or more EVERY year for an advisor. Some readers pay a one-time fee for planning advice. In order to save a lot, you will need to go through your expenses item by item.

Save for now and later: https://www.amazon.com/Save-3000-every-year-Buy-Only/dp/1500681571

 

Where did your advisor leave you?

Buffett bought more energy stocks as the market fell this year. If you are a long term investor you can weather the storm. Buffett has been through this all before. What is his answer: buy when stocks are on sale. This makes sense but this is one of the hardest things to do when stock prices fall. World's greatest investor's retirement advice: Avoid “high-fee managers.” Retirement income for life from 2 Vanguard funds he recommends. Warren Buffett's will provides for his family by directing that his cash assets be invested in just two Vanguard funds: One will provide cash for the coming year and the other will provide a sound future. The best way to protect your family's future is to be invested in the stock market. Pure and simple. When you have stock assets, your money compounds at higher rates when your account fees are 0.01-0.05%, not the retail rates of 1.5-3%. You don't have to settle for retail products that are structured to provide the middle person, Wall Street with higher revenues. The average investor earns just 3.79%, not the 10-12% market rates. (QAIB) Don’t be an average advisor funding machine.

Trust Buffett: https://www.amazon.com/Warren-Buffetts-Vanguard-Funds-Retirement/dp/1496148592

 

Alternatives to high college costs

A trade could pay better and cost less to succeed. An electrician can make $131-215K and work at a brewery. The electrician that came to our home charged $200 just to visit. The Sears-affiliated service tech took us for $750 to fix our washer. My relative is a traveling nurse and gets to see the world free while earning up to $4,900 a week. If you have no intension of running up student loans, fortunately some corporations actually pay for your training too. If a trade is not right for you, what about dealing with people? Many jobs pay very well if you must deal with ornery customers. My first job was electrician helper during the summer and I made more than my father. More companies are giving jobs to robots so time is running out.

Be creative: https://www.amazon.com/Money-Ball-Investing-Winning-unfair/dp/1548831409

 

Top investments for taxable accounts

We can’t control how the markets behave or the rate of inflation, but we can manage taxes. Your advisor may not consider the taxes you will have to pay when they suggest a strategy or a security. But taxes can substantially reduce your income especially over time. If your current income is under $100,000, you are better off paying tax now and investing in a tax-FREE account. Long-term, your savings can be huge. Investing $250 a month during your working years can provide $1,000,000+ and it can all be tax-FREE. This account can also save you paying income taxes on dividends and interest annually as you would on mutual funds and securities that throw off dividends and interest every year. Further, you do not need to pay taxes on securities with huge capital gains until you want to use the money. Stocks like Buffett’s Berkshire Hathaway pay no dividends so there are no taxes to pay until you sell. 

Simple is best: https://www.amazon.com/Keep-Simple-Essential-Financial-Life/dp/1492258849/

 

How to get back on track for retirement income

So after 3 years of destruction in savings: Covid, layoffs, inflation, moving, quitting, starting a new job— whatever, how you get back to your goal of having enough income for retirement. Assess: what do you need to do; reset your goals. You can still catch up but you need to stick with a serious commitment. Love the stock market: stocks can provide over 10% return per year. No other security can do that. In most market downturns, the total return over 10-15 years provides enough time to recover your loses. So dips in 2020 were overcome in 2022 and dips in 2009 were past over in 2012. Putting your nest egg in the CD deep freeze will kill the growth of an incubator. You may have to work another year before ‘retiring.’ Most people keep working even part time in order to satisfy financial and social needs. You need to understand what “retirement” time has become. Many folks are living longer and thus the old way of living on municipal bonds and CD interest is not appropriate. Many retirees used to fear financial risk and maintained a hording attitude near retirement. However, since you or your partner may live to age 100, you need to make a new plan. Risk is controlled; not feared. With income and expenses planned out, 75 is the new 65.

Double your investing to catch up. https://www.amazon.com/Reset-Your-Retirement-Income-retirement/dp/1512304344

 

 

 

?**********ACCOUNTABILITY**************?

 

 

Like 1776, this period is a test of democracy—We rejected an "American fascist" once

 

 

The Path to Dictatorship: 2010-2030

 

Jan 21 2010 Corpor­a­tions’ election-spending unlim­ited

 

Nov 2020 Wealthy discredit election process

 

Nov 21 2020 Trump’s Plans for a Coup: criminal

 

Nov 21 2020: Trump plan: US Marshals seize voting machines

 

Jan 6 2021 Direct assault failed: guns & bombs ready

 

Trump engaged in a "criminal conspiracy" to stop Biden

 

“I don’t f—ing care that they have weapons”

 

Trump was “detached from reality”

 

Trump used mafia-style intimidation on the defenseless

 

Parscale: “a sitting president asking for civil war.”

 

Trump: “Just say the election was corrupt and leave the rest to me” 

 

GOP fascism: “RINO hunt armed; no bagging limit” J6 comm threat

 

Trump’s Supremes END personal rights & state laws except for weapons WMDs

 

Fascism: GOP to stop women leaving state for abortion

 

It’s not a court. It’s a junta: Two Americas

 

 

Nov 8 2022 Trump’s “national revolution”

 

Jan 2025 Trump pardons himself

 

How Govt wastes our money:

Congresswoman Marjorie Taylor Greene had $183,504 in PPP loans forgiven.

GOP con man Trump had 6 bankruptcy loans/carpenter bills forgiven made $ millions

We paid for moon shot once. Let’s save Earth not Mars safe for wealthy. Wasted taxes.

 

Trump stole secret documents from US, lied about returning them, hid them! Criminal

Trump Claims FBI Raided Mar-a-Lago Looking for Clinton Emails: “detached from reality”

Regulators: online dashboard Sept. 2: Air passengers can find “easy-to-read” delay plans

 

SCAMS/SPINS:

Trump’s secret docs: “evidence of obstruction” Informants could be IDed and killed

Lindsey’s forecast: Trump terrorists will make bigger Jan 6 destruction if Leader charged

Trump will pardon J6 terrorists: fmr NYC police caught beating police viciously—10 yrs

 

Can threats against America stop prosecutions? Is there a way to avoid accountability?

Newt ads falsely claimed election "stolen" from Trump to "arouse anger" Jan6: jail?

 

Trump terrorist gets 46 mo failed coup: instigators get zero jail time: delay delay delay

Trump judge: school district’s ‘Christian’ club can exclude certain children

 

Michael Shillin WI caught conning clients buy IPO stocks LTC policies: jail

SCAM: regulators allow mutual funds change benchmarks to look good   

Morgan Chase funds Putin’s war via fossil-fuel projects (climate-heating carbon dioxide)

 

Retail investors 'irrationally oblivious' to crypto risks: need regs: you could lose shirt

SCAM: celeb Suze Orman new portfolio advice based on her recent surgery experience

SCAM: Debit card fraud leaves Ally Bank customers, vendors stricken

 

More Fakes: Dr Oz and banned book list: things are bad enough, fakes not needed

RECALL: Ford recalls 198,000 U.S. SUVs due to risk of fire: battery box

 

Wells Fargo caught violating whistleblower protection improperly terminating: fine 22M 

BEWARE: “Pay 0% Interest Until 2024”: 5% transfer fee: $500 ‘interest’ fee on $10K

Mortgage insurance scam: expensive cover not required by most lenders: buy term

 

FAKE: no-interest financing to online gun buyers for weapons and ammunition

FAKE medical bill: respond to collectors chasing you TIPS on how to answer collectors

 

In (Christian-right) God We Trust: where Supremes are sending us

Marble Freedom Trust: the real money behind the Supremes flip to Christian Nationalism

Four Methodist Ministers say Texas abortion law impedes on their religious freedom

OK teacher banned after letting his students have access to banned books: neo Nazism

 

20-year-old shooter with war weapon killed two people teens don’t always know why act

 

Jobs

Jobs With the Largest Growth

Good money doing websites, email, small apps, etc for small business

90% of Americans have side hustles: inflation and some extra cash

 

Part-time for extra cash or interest: pay can vary

 

Who owns your account now?

Regulator proposes airlines give money back if delay 3 hours: 100K cancelled

Handling an car accident: info at the scene; tips to get paid properly

Best Home Insurers: Amica Mutual, Auto Club SoCal, Erie, State Farm

 

Miracles:

World’s Rivers, Canals and Reservoirs Are Turning to Dust

One-foot rise in global sea levels in just 30 years: Greenland ice sheet collapses

When Spain ran out of water it used tomato paste

Japanese care home recruits babies to cheer up elderly residents: paid diapers formula

Ukraine kids go back to school: keep the Czar far far away

 

‘Synthetic’ mouse Embryo with Brain and Beating Heart Grown From Stem Cells

Combo ‘polypill’ cuts heart disease death: Combining 3 heart drugs reduces risk 33%

 

 

Trees Are the Secret Weapon of America's Historic Climate Bill: grow 60 billion trees

Is global warming still a hoax created by the Dems? How could so many believe the GOP

 

 

 

 

@

Light is both a particle and a wave depending on how we look at the light.

I don’t think that there is any such thing as a position or a velocity of a particle.

Everything in universe: galaxies to stones made of subatomic energy ‘vibrations’

A subatomic ‘particle’ is the smallest possible vibration (quantum) of a quantum field.

Mass–energy equivalence: E=mc^2.  At the smallest level; Everything is moving!

There is no TIME at this level because of force fields come and go in all directions. 

Inside protons, neutrons, it is the fields of the virtual particles that creates its mass.

“Empty space is a boiling, bubbling brew of virtual particles that pop in and out of existence in a time scale so short that you can’t even measure them.” Space expanding.

The electricity we use comes from the field around the wire not from election itself.

 

 

We can apply for Medicare online: https://blog.ssa.gov/apply-for-medicare-online

We can apply for Social Security online: https://www.ssa.gov/benefits/retirement/

We can apply for health care online: https://www.healthcare.gov/

 

IAN

973.746.2014

www.InsuranceAdvisorsNetwork.com

Alerts available at http://dankeppel.blogspot.com/

 

 

Advisors having a hard time beating low-cost index funds.

 

Student loan rates going up

Interest rates on federal student loans are set to rise nearly a full percentage point later this year, increasing the price of borrowing to pay for college for current and incoming students. The new rates, which are based on the results of a Treasury auction Wednesday, apply only to loans issued for the upcoming 2021-2022 academic year. Old loan rates stay the same but is it time to take some gains and pay old loans down or off? Unless you have need of the tax deduction in retirement, getting rid of debt now may be a smart move. On the other hand, the interest on this debt reduces income and taxes even if you don’t itemize. If you are concerned about your grandchild paying for higher education, you might use some of your gains to reduce the amount of loans taken out. Some of us have experienced better earnings (56%) than expected and a college education is a great use of our money. Saving for college can be less expensive using a 529 plan. You may also consider having your student do the first two years at a community college.

Consider your options: https://www.amazon.com/Education-Funding-Save-right-plan/dp/1482549956

 

Advisors having a hard time beating low-cost index funds.

If you did not notice or your advisor does not use a benchmark, your low-cost index fund beat almost all the traders this past year. Vanguard’s 500 Index is up 56% for one year. Yes the stock market goes down but you get a long-term average of about 11% in a low-cost fund. Since 2010, advisors have been hard pressed to earn their fees. Vanguard charges 0.04% a year because we investors own it—no middle people—so we keep almost all of our gains. Many of my readers hit or passed their goals for the year already. Just consider how right your advisor must be buying and selling to beat the market. Even the smartest gurus have trouble beating the markets. Yale’s legendary manager David Swensen with his 12.4% record failed to beat the market rate of 13.02% during his 1985-2020 tenure. Most advisors earn you only 3.79% over time. You can do better.

Earn 11%:  https://www.amazon.com/You-Beat-Wall-Street-professionals/dp/1986031373

 

Does “bundling” insurance save you money?

Several carriers claim “bundling” or “customizing” saves you money. Certainly, it saves the insurer money. But buying two or more policies from the same company may actually cost you more. We need to shop for the best deal for each—auto, home and umbrella—since each contract has good and bad elements. For instance, my homeowner’s has been in place for 40 years and no other provider can match the price. On the other hand, my car company keeps raising the price despite me driving less, taking the safe driving course, and keeping my cars longer. And only my vehicle insurer will write my lawsuit coverage since it depends on a certain amount of vehicle liability coverage. Giving all your insurance business to one agent makes sense for their convenience but often costs you more, not less. Worse: some folks buy their retirement income and investments from their insurance agent. “Bundling” is a sales gimmick not an insurance discount.

Shop and save: https://www.amazon.com/Save-000-every-year-Only/dp/1500681571

 

Can we pay fewer taxes like the rich?

Inequality has grown dramatically over the last four decades: The top 1% have enjoyed extraordinary income growth, while growth for the vast majority has been anemic. Yet high-income households have not been asked to pay higher tax rates and corporations’ contributions to federal taxes have fallen to historic lows. Wages have fallen over time—they have become detached from productivity gains. Tax assessments come from wages and the rich don’t live on wages. And Social Security stops taking taxes on incomes over $142,800. Most of their income is tax-deferred or tax-advantaged. For instance, Warren Buffett with over $108.2 Billions pays only 17.7% while his office workers pay over 32.9%. The wealthy use complicated legal entities to hide their incomes. Take the former president’s claim that you are smart when you can pay professionals to manipulate your income. They found him a way to subtract his failed businesses on his personal income taxes so he can avoid taxes for years. Stop paying taxes like the rich; but do it legally.

Tax-FREE IRS account: https://www.amazon.com/Trump-Tax-Shelter-Avoid-taxes/dp/1985448300

 

How to keep your retirement full of income

First, you gotta beat inflation—25+ years may be the length of your income needs—but the VALUE of your fixed income is cut in half in 25 years. In the past, when people died right after retiring, they never had this problem. Today your $800 a month will be able to buy only $400 worth of goods in 25 years. You can’t beat inflation by holding your nest egg in 1% CDs and bonds. Stocks will protect you from inflation since the average return of 11% is greater than the 3% inflation rate. Prepare for a down market by using two buckets—one with a year of living expenses and the rest in a stock mutual fund like Warren Buffett’s heirs. Second, you can’t be assured of cash later if you spend it unwisely now unless you continue to grow your portfolio. Third, you can’t buy your kids happiness at the expense of your future. Most grandparents want to give financial support but they also don’t want to become a financial burden. Relax; your offspring will make it on their own by learning how to save. Fourth, get out of debt as soon as you can so you can have enough for later. Fifth, use tax-advantaged accumulation accounts. You have a great legal tax shelter available so use it for a tax-FREE retirement.

Go tax-FREE: https://www.amazon.com/New-American-Retirement-System-ReserveTM/dp/1461030072

 

Maximize SS benefits with your spouse

Taking Social Security benefits is not so simple. You and your loved one need to look closely at the options together BEFORE making a decision since some decisions cannot be reversed. Because the SS offices are closed now, you need to use the website and get help from a knowledgeable source. If you can make an appointment, even virtually, your best source may not be the SS office personnel. However, they helped us learn of collecting higher benefits than we thought we received when we first applied. There are claiming strategies that are better long-term than taking benefits as soon as you can.

How to maximize income: https://www.amazon.com/Maximize-Social-Security-Benefits-Retirement/dp/1495439224/

 

 

Where is that refund?

The Internal Revenue Service reminds taxpayers that the most convenient way to check on a tax refund is by using the “Where’s My Refund?” tool at IRS.gov or through the IRS2Go Mobile App.

Where is the stimulus 1 or 2? If you did not receive stimulus 1 or 2, start filing here: https://www.irs.gov/newsroom/recovery-rebate-credit.

Stimulus 3? https://www.irs.gov/coronavirus/third-economic-impact-payment

 

What to do if you can’t pay by May 17?

Avoid the penalty for not paying estimated tax. Ask for an automatic extension to file till October. If that does not work for you, you can apply for a payment plan. An individual can setup an IRS installment plan if you owe $50,000 or less and can pay back the amount owed in 3 years. If you are a business owner, you can setup an installment plan if you owe $25,000 or less. The IRS will charge a one-time fee of $105.

If you own less than $25,000 and can pay the amount owed within six years, ask the IRS for a streamlined payment agreement. The IRS will charge a one-time fee of $102.

Request an Offer in Compromise if you cannot pay the total amount owed. This allows you to settle your tax debt for less than the total amount owed if you will be unable to pay back the total amount owed within 10 years. The IRS will charge a one-time fee of $150. Given the pandemic economic hardship, apply for the extension to file now: https://www.irs.gov/pub/irs-pdf/f4868.pdf

Special circumstances help: call the IRS Taxpayer Advocate Service 1-877-777-4778 for free assistance.

More ways: https://www.irs.gov/newsroom/heres-how-people-can-pay-their-federal-taxes

 

 

**********ACCOUNTABILITY**************

 

 

Like 1776, this period is a test of democracy—We rejected an "American fascist"

 

Dictator steals reporter’s correspondence

 

When ‘Truth and Reconciliation Commission’? 

 

 

How Govt wastes our money:

Lack of health insurance delays treatments: more critical care and expensive solutions

GOP wavers on rounding up tax cheats: political donations matter: workers pay more tax

We paid $7 million in fake farm owners: no D&B, property or employee checks

 

Trump continues to take our money to push his propaganda: Steve Miller on our salary

 

SCAMS/SPINS:

GOP: No Jan 6 insurrection; no Dem president; no taxes for repairs; no discrimination.

Death threats used as a tool of control of GOP: GOP policy now: It’s the big lie or death

Trumpist illegal voting: prosecuting the wrong group

Trumpist news: Census did NOT count voters: Fake pics mislead

 

GOP millionaires say extra $300 unemployment is too much: min wage “$290 is better”

Congress protects scammers once they have our money: FTC can’t return our stolen $.

GOP takes control of PA gov decisions on emergencies, schools, etc

 

Auto pilot kills another non-driver: Tesla didn’t ‘see’ truck or side of road at night

 

BEWARE: cheap hearing aides may not work well: return policy?

Masks still needed 7 places: keep one in pocket

Many conservative men fear vax needle keeping the pandemic death rate high.

Vacation in safe spot: US has pandemic hot and cold spots: Few get shots here

 

Broker violation check useless: 90% of FINRA complaints/violations removed

Knight Nguyen caught selling high-risk fraudulent securities promising low-risk alts

Richard E Jackson TX caught framing the wrong men: how many more? No jail

UBS, UniC, Nomura caught in EU bond price-fixing cartel : fine; no jail

 

CNA Financial IL raising rates to cover $40 mil to hackers: cheaper to hire the hackers

 

DMB Financial MA debt consultant caught charging unlawful fees: refunds but no jail

Frederick M. Stow TN caught stealing $930,000; forging transfer forms: 5 year jail

Fidelity allows teens to gamble: no experience/oversight required, another suicide?

 

Paying ransom or neutralize hackers: $5 million or Seal Team 6 next time.

 

IRS: Easy Steps to Protect Your Computer and Phone and Avoid Phishing Emails.

IRS: Free special ID protection PIN goes on your return so scammers can’t take refund

IRS: Previous tax returns available online: https://www.irs.gov/individuals/get-transcript

IRS tips to avoid scams: https://www.irs.gov/newsroom/tax-scams-consumer-alerts

 

Is it a scam?  Check AARP scamline 877.908.3360. BBB Scam tracker

 

Check IRS: https://www.irs.gov/newsroom/dirty-dozen-part-1-taxpayers-should-be-on-the-lookout-for-these-scams

https://www.irs.gov/newsroom/dirty-dozen-part-2-thieves-work-all-year-to-scam-taxpayers

Find tax preparer: https://www.irs.gov/tax-professionals/choosing-a-tax-professional

 

Check Social Security: https://blog.ssa.gov/

Safeguard data: ConsumerReports help: https://securityplanner.consumerreports.org/

 

 

Jobs

Gov hiring: good pay, benefits, pension, no layoffs,

Be creative: Neanderthals died out because they were less creative than humans

Joe Biden is selling new eF150: starting at $39,000: it is “quick” he says.

 

Coping with new work environment: yes, you must wear clothes again

 

Who owns your account now?

Homeowners insurance ratings: your best deal for coverage

Vehicle insurance ratings: you best deal for coverage

Refinance before rates go up: 3% rates won’t last forever

 

Used car prices up 12%: average $23,000: more than new

State Farm to provide electric-fire detection monitor: plug in sends message to phone

HealthCare available for pandemic victims: get subsidies just like your Congressperson

 

Best household paint: 5,804 opinions help you pick—good paint saves money/time

 

Miracles:

Texting by thoughts: computer translates thoughts into text

No mask; no 6 feet; not HALF vaccinated: 590,000 and counting

Iceberg 80 times the size of Manhattan on its way to find Titanic: friends reunited

 

We can apply for Medicare online: https://blog.ssa.gov/apply-for-medicare-online

We can apply for Social Security online: https://www.ssa.gov/benefits/retirement/

We can apply for health care online: https://www.healthcare.gov/

 

 

IAN

41 Watchung Plaza, B242

Montclair, NJ   07042

973.746.2014

www.InsuranceAdvisorsNetwork.com

Alerts available at http://dankeppel.blogspot.com/

 

How to replace retirement funds now?

 

How to replace retirement funds now?

Survey says 35% of non-retired respondents had already dipped into their retirement funds and may do so again. No one wants to use future money now but we have to get money from somewhere. Most of us did not have $1,000 for emergencies. How do we regain our future money funds once we are able? To catch up, we must use a low-cost stock mutual fund since bank interest is too low. With savings rates as low as inflation, we need faster growing stocks. To minimize the risk of stocks we buy shares of 500 of the best companies in the world. We use a low-cost mutual fund so we don’t give any fees to the seller. We want our money to compound without current taxes so we use our employer’s tax-deferred (401k) account or an IRA account. The most successful savers take Warren Buffett’s advice and use the Vanguard 500 Index insider an IRA.

https://www.amazon.com/Warren-Buffetts-Vanguard-Funds-Retirement/dp/1496148592

 

Did you lose some of your money somewhere?

Everyone changes jobs these days. Sometimes a former employer goes out of business or gets bought. Sometimes an IRA savings account gets forgotten. Sometimes a life insurance policy with money in it gets misplaced. Readers have told me stories and I give them my list of places to look. Luckily, we have digital records you can search. You could pay a search firm to do the work but some are scams. If you have some time, finding money can be a fun project. For instance, after I left a securities firm, it went bankrupt. We employees had contributed to an Employee Stock Ownership Plan (ESOP). I forgot all about it and never received any notice about where my money went. I assumed senior management took it in the process. Then I was researching what happened to the firm and found the bankruptcy story online. I found out that the ESOP went to John Hancock and now I get a monthly bank credit for the rest of my life. Most lost money is scooped up by the state treasurer. Most pension plans are registered with the Feds. Consumer Reports provides guidance. I have been through many sites for my family: https://unclaimed.org/. My family has lived in 8 states. They have used closed federal savings banks: https://closedbanks.fdic.gov/funds/. They have used credit unions: https://www.ncua.gov/support-services/conservatorships-liquidations/unclaimed-deposits. They have had pensions: https://www.pbgc.gov/sites/default/files/finding-a-lost-pension.pdf and retirement funds: https://www.unclaimedretirementbenefits.com/. I wrote to the insurers directly since I knew my family had specific policies. If you moved waiting for a tax refund: https://sa.www4.irs.gov/irfof/lang/en/irfofgetstatus.jsp. Query your state tax dept: https://www20.state.nj.us/TYTR_TGI_INQ/jsp/prompt.jsp.

Found money is fun: https://www.amazon.com/I-dont-have-money-Financial-Emergencies/dp/1537636707

 

How much do you have to pay for student loan repayment plans?

There are three options for an approved income-driven repayment (IDR) plan: it allocates 10% to 15% of a borrower’s “discretionary income” for the monthly payments. You pay loans on a 20- or 25-year schedule and then the government will forgive any balance that’s left over at the end. You might end up paying more in interest over this timeframe. You must recertify each year to verify your family size and income—but income-driven repayment may be the best plan for you. The gov calculates the payments using a formula. TIP: contributing more to your work 401(k) lowers your adjusted gross income, and in turn lowers your payment on an income-driven repayment plan. However, at the end of 20 or 25 years, you may need to pay taxes on the remaining forgiven amount.

Plan ahead: https://www.amazon.com/Education-Funding-Save-right-plan/dp/1482549956

 

How much do we taxpayers subsidize Walmart, McDonalds low-wage structure?

A family cannot survive on $7.25 per hour—about $18,000 a year—the same wages earned in 1987. Since a family has to pay rent, utilities, insurance, transportation, clothes, etc, the total expenses average above $30,000 a year. Depending on the number of children in the household, our taxes subsidize the base family income through programs like food stamps $8,160, EIC $6,660, CTC $3,000. These are the totals possible for more than 2 children. Most workers earning minimum wage have children in the family. Many do not have spouse earnings. States and Congress have kept wages low in order to gain the election donations of large employers like Amazon, Walmart and McDonalds. In effect, the government is subsidizing America’s big business. Most people would call this Socialism. It is socialism in the way we taxpayers allow corporations to take larger profits. Their labor costs are reduced because we pay almost HALF their workers’ incomes using special relief programs. The rest of a worker’s survival income comes from working another job or a spouse’s income. Corporations pay little or no taxes so the burden falls on tax payers. Most corporations use foreign subsidiaries as a tax haven. Most of us can’t afford a tax haven. Our socialism: private profits; socialized costs.

https://www.amazon.com/Americas-Socialism-for-Rich-little-people-pay/dp/1535218584/

 

Is a 2% wealth tax right for you?

Besides inheritance taxes, the only wealth tax currently in place is the property tax, which hits the middle class hardest. According to a 2017 analysis by economist Edward Wolff, this is because a primary residence represents the majority of a middle-class homeowner’s assets, whereas only about 7 percent of the wealth of 1 percenters is tied up in personal real estate. Senator Warren’s proposal calls for a 2 percent tax on fortunes exceeding $50 million. So if you have $100 million in assets, you’d be taxed on half of that, and your bill would be $1 million. Most of us are taxed on earned income so this tax might help pay for the massive tax breaks given by Congress recently. We pay sales taxes which hit the poor in the face. The rich don’t buy much at Walmart. The rich get richer because long-term investment gains are taxed at a much lower rate than wages, and only about half of Americans own any stocks, our progressive state and federal income taxes have been insufficient to curb the nation’s staggering—and growing—disparities in social and economic well-being. The wealthy will never miss the $1 million in tax because asset value compounding will double their $100 million to $200 million in about 7 years. $200 million less $1 million still leaves $199 million. They can easily get by. Plus the IRS will never find/appraise all the assets of the wealthy. They will just move the yacht in Nassau. Better: a securities transaction tax on high-income people. It can raise a lot of money from traders and corporations. These Biden changes are what keeps rich up at night.

Learn their secret: https://www.amazon.com/Miracle-Compounding-Turn-day-into/dp/1470176513

 

 

 

Have tax forms; will file … for FREE

W-2, unemployment, SS benefits, IRAs, pensions, RMD, brokerage, etc. If you have all your forms, file for FREE online. If you didn’t receive a correct form, file a Form 4852.  Usually filing your state return costs as little as $15 unless you buy the Pro helpline. Avoid $300-400 paid preparer fees—new IRS forms mean higher fees. Unemployment insurance is TAXABLE on the Federal income tax return; not on some state returns. Some states do not tax your SS and pension benefits. Retirees did not have to take their RMDs in 2020 so taxes may be less: it was a good time to convert IRA to Roth IRA for tax-FREE future. Unless you were self-employed, you can’t deduct home office expenses of working from home. Some states continue the health insurance mandate and penalty unless you have an exemption. Since the IRA contribution deduction has no age limit now, you may reduce your income/taxes by making a contribution of up to $7,000. The standard deduction went up to $12,400 single; $24,800 joint. Jan 15 last day to make 2020 estimated payments. You have to report your April/May and December/January stimulus payments even though they are not taxable. Some of us receive a bank credit; some a debit card; some a check. Even if you don’t have to file, you should file so scammers can’t use your SS number to mess up your IRS file. Tested E file software ratings. Efile Jan 15; IRS processing Feb 12.

E file avoids covid at your preparers’ office: https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free

 

 

**********ACCOUNTABILITY**************

 

 

Like 1776, this period is a test of democracy—We rejected an "American fascist" 

 

Dictator image worship: Bow down

 

Terrorists still called ‘militia’: militia is National Guard/Bunker Hill patriots

 

Terrorists plan to 'blow up our Capitol'

 

FBI: 1,400 Terrorist in Trump’s failed Coup

 

Trump’s Pentagon took 3 hours to approve Guard for Capitol police: result 5 died

 

 

Our ‘Truth and Reconciliation Commission’? 

 

 

How Govt wastes our money:

We subsidize $7.25 wage ($18,000) with food stamps $8,160, EIC $6,660, CTC $3,000.

CA town paid every citizen a basic wage: employment went up not down.

 

We bought 400 million vaccines but 41% of us don’t want to take it: more die 515,000 +

Senate to limit stimulus checks to income under $80,000 single; $160,000 MFJ couples

Kentucky citizens will stop working if given $1,400 McConnell insults his own citizens!

 

McConnell wife Chao uses our money to pay staff over $15/hr to do her personal errands

Wealthy say they already got $ millions in 2017 so they don’t need another Covid check

Wasted money: Police ask for Guard for 2 more months: Trump’s gone so no 3 hr delay

 

SCAMS/SPINS:

Bishop Accountability: What does it take to make them accountable hiding sins of abuse

Hospital charges reinstated: $1,000 for COVID treatment as ‘grace period’ ends

GOP vs Trumpists: follow the money in PAC: democracy’s future depends on cash!

 

Trump really has GOP in pocket: even man he tried to assassinate drinks his Kool-Aid

Trump vows to end traditional GOP party: “Get rid of them all” hundreds cheer

 

We never get to vote again: GOP suppresses voting: elections rigged if GOP not win

 

Still need masks: Another vaccine but still 3,000 die every day: 525,000

SD scam: Gov claims NO mask success but really means 2^nd most virus cases per capita\

Can schools be free of virus with toxic chemicals or big fans in the windows?

 

Scammers fake videos, pictures, tweets, all to manipulate us to hate others. Sorry state!

Scam lesson book: “Summer of Scam,” and 7 stories to teach us scamming

Block those unwanted robocalls on your phone: block all not on your list

 

Boy Scouts offer $300 million to pay off victims of child sex abuse: no prison for adults.

Bishops tell Catholics to skip J&J vaccine despite Pope OK

Biden: “Indian-descent Americans are taking over the country” really? Joe, look in mirror

 

Facebook costs you money but you may not even know how it does it.

Christopher Fulco NY caught frauds $1.6 million promised special invest: 3 yrs prison

BrightSpeed Solutions K. Howard IL caught working internet fraud on payment process

 

BEWARE: Visit no Covid regs states at your own risk: Map of states to avoid

Biden disses Neanderthals: insult our ancestors in comment on TX MS

 

IRS: Easy Steps to Protect Your Computer and Phone and Avoid Phishing Emails.

IRS: Free special ID protection PIN goes on your return so scammers can’t take refund

IRS: Previous tax returns available online: https://www.irs.gov/individuals/get-transcript

 

Is it a scam?  Check AARP scamline 877.908.3360.

 

Check IRS: https://www.irs.gov/newsroom/dirty-dozen-part-1-taxpayers-should-be-on-the-lookout-for-these-scams

https://www.irs.gov/newsroom/dirty-dozen-part-2-thieves-work-all-year-to-scam-taxpayers

Find tax preparer: https://www.irs.gov/tax-professionals/choosing-a-tax-professional

 

Check Social Security: https://blog.ssa.gov/

Safeguard data: ConsumerReports help: https://securityplanner.consumerreports.org/

 

Jobs

1/3 troops declined vaccine: “unsafe” or want sense of independence: Trump got vaccine

Biden to change Trump regs: Independent Contractor definition, foreign workers

1955: year top 10% Americans started taking more and union membership went down

 

Who owns your account now?

Stricter Gym Precautions COVID-19 Outbreaks Linked To Gym Practices

Best Hospitals area: https://www.healthgrades.com/quality/hospital-ratings-awards

Google offers business breach insurance: insurers see what controls in place at firms

 

Which cars to buy in ’21: Consumer Report makes a list: Is it the safest?

Wealthsimple's U.S. Business to Betterment

 

 

Miracles:

NJ plumber drove to Texas with his family to fix burst pipes: brings wife and apprentice

Six-legged puppy? Variants abound in nature

Supremes decide NOT to hear another pitch for Trump election reversal: The Big Con!

 

Supremes decide to limit voting participation: Trumpism wins by stopping voters’ votes

 

Biden to give homeowners more time: longer for foreclosure deferral

TX everyone can get sick now: even fish can learn to wait for better future

 

 

We can apply for Medicare online: https://blog.ssa.gov/apply-for-medicare-online

We can apply for Social Security online: https://www.ssa.gov/benefits/retirement/

We can apply for health care online: https://www.healthcare.gov/

 

 

IAN

41 Watchung Plaza, B242

Montclair, NJ   07042

973.746.2014

www.InsuranceAdvisorsNetwork.com

Alerts available at http://dankeppel.blogspot.com/